Lonny inherited 100 acres of land on the death of his father in 2015. A Federal estate tax return was filed and the land was valued at $300,00 (its fair market value at the date of the death). The father had originally acquired the land in 1970 for $19,000 and prior to his death had made permanent improvements of $6,000 What is Lenny's basis in the land? Kay is a beneficiary of an estate that held stock which had a fair market value of $34,000 on August t 2015 at which time the fair market value is $32,500. The fair market value on February 4, 2016, is $32,000. Lonny inherited 100 acres of land on the death of his father in 2015. A Federal estate tax return was filed and the land was valued at $300,00 (its fair market value at the date of the death). The father had originally acquired the land in 1970 for $19,000 and prior to his death had made permanent improvements of $6,000 What is Lenny's basis in the land? Kay is a beneficiary of an estate that held stock which had a fair market value of $34,000 on August t 2015 at which time the fair market value is $32,500. The fair market value on February 4, 2016, is $32,000